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Commonwealth Bank Expanding in Java and Bali |
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Written by Administrator
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Saturday, 01 September 2007 |
The Commonwealth Bank of Australia has an Indonesian subsidary centred in Jakarta and with several branches including Denpasar. Now, accoording to the report below from Forbes on Aug 31, it is set to expand by merging with a local bank (ANK) that is about one quarter the size of the Commonwealth itself.JAKARTA (Thomson Financial) - Indonesia's PT Bank Arta Niaga Kencana (ANK) will be merged into Commonwealth Bank of Australia's (CBA) Indonesian unit once a takeover has been completed, the banks said Friday. Bank Commonwealth has already purchased ANK stock held by private shareholders amounting to 57 percent of the bank. ANK has assets worth 1.48 trillion rupiah while Bank Commonwealth has assets of 5.49 trillion rupiah. After the merger, Bank Commonwealth will have 50 branches operating in Java and Bali island. The banks said there will be no lay-offs after the merger.
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Last Updated ( Saturday, 01 September 2007 )
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